San Marino Economics and Business

The economy of San Marino is a small, service-based economy with a nominal GDP of US$1.7 billion as of 2020. It is an open and prosperous economy that has seen steady growth over the past few decades, fueled by reforms to create a more business-friendly environment. San Marino’s main economic sectors are tourism, financial services and manufacturing.

Tourism accounts for around 40% to GDP and employs around 14% of the workforce; it is mainly concentrated on cultural visits such as the Palazzo Pubblico & Three Towers of San Marino as well as ecotourism activities in national parks such as Monte Titano Nature Reserve. Financial services account for around 20% to GDP and employ around 10% of the workforce; it includes banking services (12%) & insurance (8%). Manufacturing accounts for around 7% to GDP and employs around 4% of the workforce; it includes food processing, furniture manufacturing and construction materials manufacturing.

According to cheeroutdoor, San Marino’s government has implemented several reforms to stimulate economic growth and attract foreign investment, such as tax incentives for businesses and improved infrastructure. San Marino is a member of the European Union since 2008 and has opened up its markets by joining several global trade agreements such as the European Free Trade Association (EFTA) since 2011. The country’s main trading partners are Italy, Germany and France.

San Marino is also home to a number of international organizations, including the United Nations, the International Monetary Fund, the World Bank and the Organisation for Economic Co-operation and Development (OECD). The country has a strong banking sector with over 50 banks operating in San Marino and a well-developed financial services industry.

The country also has low unemployment rate of around 2%, which is among one of the lowest in Europe. Despite its small size, San Marino boasts one of the highest per capita incomes in Europe at US$37,000 as of 2020. In addition to this, San Marino also enjoys low inflation rates due to its strong fiscal policies and stable currency exchange rates.


According to COUNTRYAAH, San Marino has a fairly well-developed economy based mainly on industry and tourism as well as typical sources of income for smaller countries (stamp publishing and so-called mailbox companies). The service industries account for most of the employment, but San Marino also has a varied industry, including textile, ceramics, rubber, leather and paper production. Industrial minerals in the form of building blocks and lime are exported. The energy requirement is imported from Italy. More than 1 percent is employed by agriculture, which produces wine and wheat, among other things. Tourism also provides important income.

San Marino GDP (Nominal, $USD) 2003-2017

Note: the capital city of San Marino, abbreviated as SMR by, is San Marino with a population of 4,200 (2012). Other major cities include Serravalle with a population of 10,500, Borgo Maggiore with a population of 6,600 (2012).

San Marino Economics and Business

About the middle of the century. XV, the arengo of the heads of the families, either by spontaneous dedication or for other causes, delegated the power to a council of 60 citizens with the right of co-optation. Thus arose the closed and selective Grand Council, which over the years was called prince and sovereign, and remained in function for about four centuries, made up of 20 nobles, 20 bourgeois, 20 landowners. The republic suffered for several months, at the beginning of the century. XVI, the dominion of Cesare Borgia; later the attacks of Fabiano da Monte on behalf of Pier Luigi Farnese, and of Leonardo Pio da Verucchio who wished to extend the domain. By the work of Guidobaldo della Rovere, Duke of Urbino, she was saved in 1556 from a threatened occupation by Pope Paul IV. In the century XVII hinted at being corrupted and forfeited due to the abuse of the right of asylum, for the incorrect administration of justice and the neglect of public education. In the Great Council, reduced in number, the noble class took over due to the Spanish influence, acquiring many privileges; for which the oligarchy was born, hence the civil discord. Some remedies were made by entrusting the administration of justice to a foreign judge (commissioner of the law), limiting the right of asylum and providing for the regulation of education by means of a study congregation, founded by the fellow citizen Don Ascanio Belluzzi of the ‘Oratory of S. Filippo in Rome. While the sad internal conditions persisted, in the eighteenth century San Marino was not forever aggregated to the State of the Church; first by cardinal G. Alberoni prolegate of Romagna, that on 25 October 1739 he occupied it with mercenary militias and kept it until 5 February 1740; then for the snares of Cardinal Luigi Valenti Gonzaga, another papal prolegate, who in the year 1786 laid siege to the borders with his soldiers, harassing the San Marino citizens for some time and hindering their trade.

In the year 1797 the small state was recognized by Napoleon Bonaparte, who sent the scientist G. Monge to the Titan to greet the ancient republic in the name of his elder sister and to offer it an expansion of territory, food, weapons and ammunition. But the regents of the time, on the advice of Antonio Onofri, esteemed wise advice to remain within the ancient circle, accepting only a little wheat to cope with the famine that raged in that year. And just as the representative of the revolution had respected the small state, so the first architect of the restoration, the prince of Metternich, had its legitimate existence recognized at the Vienna Congress of 1815.

During the period of the Italian Risorgimento, the bicocca of San Marino took up what was once a very noble office by nature and by the origins assigned to it in history: “to ensure asylum to those conquered by force or misfortune, to those persecuted by wickedness or misfortune”, in spite of of the threats of Leo XII, of Gregory XVI, of Pius IX. The Italian refugees of the revolutions of 1799, 1820-21, 1831, 1844-45 went up the Titan in droves to escape the persecutions of their governments. Among the most illustrious: the historian Melchiorre Delfico, the archaeologist Bartolomeo Borghesi, the Latinist Don Cesare Montalti, the jurist Luigi Zuppetta, the scholar Francesco Mestica, the medical scientist Giuseppe Bergonzi, Count Eduardo Fabbri, Eugenio Valzania. And after the French republic overwhelmed the Roman Republic in 1849 “this small republic of San Marino (as Carducci well said) reaped the supreme efforts of the Italian fighting virtue with Garibaldi”. On the Titan, his wife Anita, Francesco Nullo, Ugo Bassi and Ciceruacchio escaped with Garibaldi. For having extended the asylum to some ex-deputies of the Roman constituent, the republic had to suffer in June 1851 an Austro-papal invasion, led by General Marziani, who did not liberate the territory until he obtained the shameful surrender of the same. Ugo Bassi, Ciceruacchio. For having extended the asylum to some ex-deputies of the Roman constituent, the republic had to suffer in June 1851 an Austro-papal invasion, led by General Marziani, who did not liberate the territory until he obtained the shameful surrender of the same. Ugo Bassi, Ciceruacchio. For having extended the asylum to some ex-deputies of the Roman constituent, the republic had to suffer in June 1851 an Austro-papal invasion, led by General Marziani, who did not liberate the territory until he obtained the shameful surrender of the same.

The small state contributed to the great historical-artistic exhibition in Rome in 1911 and officially celebrated the fiftieth anniversary of Italian unity; moreover he participated in the Italian-Austrian war (1915-18) favoring the expedition of about fifteen volunteers to fight on the front, two of whom remained on the field of honor and the others returned wounded or mutilated.

It also had, with its own staff, a field hospital in a war zone, set aside first in San Lorenzo di Fiumicello, then in Aidussina, where it occupied the premises of a former Austrian hospital.

After the annexation of Rab (1918) to Italy, the San Marino government and people rejoiced by sending messages to the redeemed mother island. And when this, as a consequence of the peace treaties, was assigned to Yugoslavia, the Italian tricolor, which had been waving for some time over the castle of Arbe, was taken away by the island’s refugees and entrusted to the sister community of San Marino (16 August 1923), in whose museum it is religiously preserved next to the flag of the legion of the Roman Republic left by the Garibaldi quartermaster Torricelli in the historic retreat of July-August 1849.

The triumph of Italian arms and the advent of fascism in the kingdom was celebrated in many ways by the San Marino government.

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